Mathias Miedreich: The ZF boss wants to sell other parts of the company in order to reduce the automotive supplier’s debts. Photo: ZF [M]
Friedrichshafen. The new boss of the second-largest German auto supplier ZF, Mathias Miedreich, sees his company on the right track into the electric age after setbacks. “The cure that ZF needs is not rocket science,” said Miedreich in an interview with Handelsblatt. The priority is to increase cash flow in order to reduce debt.
The debt should also be reduced through further sales of areas. The wind power sector is also an option for Miedreich. “If we determine that there is again a win-win-win situation like with driver assistance systems, i.e. that it fits technically, strategically and financially, then we will deal with the topic.” ZF is spinning off the division in order to be more flexible, Miedreich announced.
The renovator is not afraid of tough conclusions. Value adjustments for unprofitable orders would result in a book loss of 1.5 billion euros, said the ZF boss. Miedreich expects that ZF will have a fifth less sales after the restructuring.
Read the whole interview here: